Precious Metals End Lower in August Start

by CoinNews.net on August 1, 2018 · 0 comments

Gold Changed Slightly This Week

Losses in precious metals on Wednesday, Aug. 1, ranged from 0.5% for gold to 3.4% for platinum

Precious metals futures ended lower in their start to the new trading month on Wednesday. Gold’s loss was its fourth in five sessions.

Gold for December delivery declined $6, or 0.5%, to settle at $1,227.60 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold needs a break lower in the dollar or stronger inflation data to try and resume a rally, and until then and barring a surprise geopolitical scare, gold will have a hard time rallying," MarketWatch quoted Tyler Richey, co-editor of the Sevens Report.

Gold futures ranged from a low of $1,224.40 to a high of $1,233.70. They rose 0.2% on Tuesday — ending the month of July with a 1.7% loss, and edged down 0.1% on Monday.

Meanwhile, silver for September dropped 10.7 cents, or 0.7%, to end at $15.452 an ounce. Silver futures traded between $15.39 and $15.56. They climbed 0.1% on Tuesday — registering a 3.9% monthly loss, and rose 0.3% on Monday.

In PGM futures on Wednesday:

  • October platinum fell $28.60, or 3.4%, to $817.20 an ounce, ranging from $815.60 to $841.70.

  • Palladium for September delivery fell $20, or 2.2%, to $911.90 an ounce, trading between $906 and $930.40.

London Precious Metals Prices

In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:

  • Gold declined $1.95, or 0.2%, to 1,219 an ounce.
  • Silver rose 4.5 cents, or 0.3%, to $15.475 an ounce.

LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.

US Mint Bullion Sales in 2018

United States Mint bullion sales were unchanged. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods.

US Mint Bullion Sales (# of coins)
Wednesday / August Last Week This Week June July 2018 Sales
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 30,000
$50 American Eagle 1 Oz Gold Coin 0 6,500 1,500 21,500 31,500 119,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 1,000 1,000 18,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 0 4,000 2,000 50,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 0 15,000 25,000 150,000
$50 American Buffalo 1 Oz Gold Coin 0 0 6,000 6,500 24,500 78,000
$1 American Eagle 1 Oz Silver Coin 0 240,000 100,000 435,000 885,000 7,707,500
Pictured Rocks 5 Oz Silver Coin 0 0 0 0 0 30,000
Apostle Islands 5 Oz Silver Coin 0 0 0 0 0 30,000
Voyageurs 5 Oz Silver Coin 0 0 0 30,000 0 30,000

 

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